If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. C/VAC Central vacuum W/D Washer/Dryer HUD Housing and Urban Development A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Normally, a piece of property can be easily classified as either personal property or real property. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. is part of the U.S. Department of Housing and Urban Development. RV PRKG RV Parking Performance & security by Cloudflare. A loan estimate can help borrowers shop and compare costs of loans with lenders. 4/3 4 bedrooms / 3 bathrooms GLF Golf Course Large E-2 plan:This is one of several floor plans available in a specific building. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Terms Of Use MSN Masonry Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. POF Proof of Funds Sub2 Subject to existing financing Dbl Double This is the most popular NAR official designation and is relatively easy to get and maintain. CMA Comparative Market Analysis DOS Due On Sale Clause SEW Sewer COCR or CCR Cash on Cash Return Personal property is movable property. These structures can be both above and under the ground. PCF Price to Cash Flow (ratio) SUN Sun Room The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. PL/A Above Ground Pool HW Hot Water Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Buying a Flipped House: Is It Right for You? RTO Rent To Own Pro Forma Real Estate: Everything You Need to Know - RealWealth Fixture:Anything of value that is permanently attached to or a part of real property. W/D HKUP Washer/Dryer hookup Mstr Master bed room BB. The act of paying off one loan by obtaining another. But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. 3/4 Bath toilet + sink + shower or tub Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. GAR, GR Garage All abbreviations on this list are typically written in all capital letters. When used in a real estate listing, the words "cozy" or "charming" aren't describing the ambiance of the space so much as the size. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. G-RNG Gas Range Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Cbl,Cblh Cable/Hookup What Does FS Mean, and How Do You Use It? A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. WIN Window/Wall Unit D/W Dishwasher Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. UTCL Utility Closet TXS Taxes GRI Graduate REALTOR Institute PLAY Playground DTI Debt to Income Ratio and MLS multiple listing service PRO Internet Professional Maximum loan amounts can vary by county. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. PVT Private NOI Net Operating Income Prospective purchasers of an inn need to know exactly what they mean. Related:7 Features That Define the New American Home. G/A Garage, Attached MLS Multiple Listing Service Crystal R. OP Occupancy Permit 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. VYL Vinyl A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Not all real estate agents are REALTORS. DOT Deed of Trust The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. What Does "Default" Mean In Real Estate? - Inman Essentially, "turnkey" means that . These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. HRS Horses Allowed LTV Loan to Value BB Baseboard Heat Title Records posts and articles. PITI Principal, Interest, Taxes and Insurance Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. A concrete point at which buying a home makes more financial sense than renting one. GAR Garage Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. BLDRS REDO Builders Renovation TRSH Trash Pickup Often, the listing will indicate which rooms have hardwood flooring. 1C : One-car garage. Keep reading to learn more about this unique abbreviation. Fees imposed by the state, county or municipality on transfer of title. SLT Slate The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). There are also a few other cultural definitions for BB. BOT Boat Slip GRES Graduate Real Estate Society Q POS Available for quick possession SWR Sewer Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Copyright 2022 Ann Arbor Area Board of REALTORS. CAC Central air conditioning Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. HSF Heated square feet A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. CCR Conditions, Covenants, and Restrictions A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Resources PERM Perm Attic Stairs OA Owner Agent BKYD Backyard Encumbrance In Real Estate: Defined & Explained - FortuneBuilders If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. About Truist | Truist SCRND PORCH Screened Porch In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. TOWN Town House SRES Senior Real Estate Specialist, Additional Resources: Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Read more about origination fees here. So if you adore what you see in thelisting, it certainly canthurt to inquire. FHA Federal Housing Administration This abbreviation is a shorthand way of showing your affection to your partner. JV Joint Venture No purchase is necessary to view U.S. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Read, An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. ASB Asbestos Siding Learn, The act of paying off one loan by obtaining another. What Is a Short Sale? A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. A Short Guide to Real Estate Lingo - realtor.com Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Refinancing is generally done to secure better loan terms, such as a lower interest rate. PAR Partially Fenced DBA Doing Business As The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Not all products and services are available in all states. I/O Interest Only (loan) CVAC Central Vacuum The "P" represents percent. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. BKPORCH Back Porch FHA Federal Housing Administration Bb. The fascinating story behind . Read, 42. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Read, A ratio that compares a home buyers expenses to gross income. Clus Cluster 1 /8. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. This abbreviation is a shorthand way of showing your affection to your partner. CLHMS Certified Luxury Home Marketing Specialist Related:10 Signs That Fixer-Upper Might Be a Money Pit. What is BB meaning in Real Estate? Paying points, which are tax deductible, will lower the monthly mortgage payment. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013), B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. LFT Loft BA Bath STA State Both words imply motion, but the difference may b. Defenestration. NOO Non-Owner Occupied HP Heat Pump Clbhs Clubhouse OSP Off-street parking is available PGS Propane to see how much house you might be able to afford. MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. CATH Cathedral ceilings MEIK Modern eat-in kitchen FDR/DR Dining room or a formal dining room FFE furniture, fixture, and equipment Learn more. What Is Real Estate? A Definition And A Guide | Rocket Mortgage MO Month In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. REF Refrigerator All of these abbreviations are commonly used to describe the features of a house or commercial property. Class A, B, C, D Real Estate: A Guide to Property Class Types FR Family room HBR Harbor FMR Fair Market Rent OO Owner Occupied Cen Central Air Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Not all Northwestern Mutual representatives are advisors. NAR National Association of Realtors Baseboard Heat + 2. Business, Property, Real Estate Advertising. APPLS Appliances GAROP Garage Door Opener Refinancing is generally done to secure better loan terms, such as a lower interest rate. Real estate abbreviations are important to save time and money. If they were not used, the ads for a home could get quite lengthy. Zillow, Inc. holds real estate brokerage licenses in multiple states. Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. SPKLR Sprinkler Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Try. All Rights Reserved. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Try our amortization calculator to learn more. OBO Or Best Offer Cloudflare Ray ID: 7a2835264c3fdd54 A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. CMA:Comparative market analysis or competitive market analysis. AEK All electric kitchen Read more about PMI here. BB Real Estate Abbreviation. The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. MBRFP Master Bedroom w/FP Usually, the realtor's website will give a good description without the real estate abbreviations. An origination fee is not a single fee. PAT Patio One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. The four items include, repairs, vacancy loss, property management, and miscellaneous. Please switch to a supported browser or download one of our Mobile Apps. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Click to reveal INT Intercom After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . FPLC, FP, FRPLC Fireplace FSBO For Sale by Owner Deco Decorative Fence The owners bank must approve a lower listing price before the home can be sold. Bung Bungalow 4B/2B:Four bedrooms and two bathrooms. Try our affordability calculator to see how much house you might be able to afford. Since many phrases can be shortened to BB, this acronym might refer to other things online. If you wish to report an issue or seek an accommodation, please let us know. Be sure to read the fine print carefully. Read, A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Powered by webmasterWP.com. P&S Purchase and sale Read more about mortgage insurance. GMT Kitchen Gourmet kitchen E Rng Electric Range But the cap rate is not the only metric used to evaluate a real estate investment. NNN Triple Net Lease NONQ Non-Qualifying Homes can sit on the market for a long time, and prices tend to drop. Home CFD Contract for Deed Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Brkf Breakfast Area Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Active This means that a property is currently on the market and available for sale. Try our debt-to-income calculator to learn more. Related:12 Things Realtors Look For in Homes of Their Own. W/W CRPT Wall To Wall Carpet AMO Accredited Management Organization W/D WD Washer and dryer The amount of the loan divided by the price of the house. 2. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. After all, you wouldn't want to get stuck with a money pit. 7 meanings of BB abbreviation related to Real Estate: Real Estate. PRTL Partial A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. CBR Certified Buyer Representative Yes! FAG Forced air gas The document includes loan terms, monthly payment and closing costs. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. DK Deck A/G PL : Above-ground swimming pool. Learn more here. SFR Single Family Residence Banks, savings and loans, and credit unions. SPAC Spacious REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. What is BB meaning in Real Estate Advertising? ARI Articles of Incorporation Notice, certificate. Real Estate Abbreviations | YourDictionary A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. BALC Balcony Be sure to read the fine print carefully. Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. Updated from an earlier version on realtor.com. STOR Assigned Storage You are not obligated to accept the loan just because you received a loan estimate. PMP Well Pump WHKP Washer Hookup Its customary for the buyer to pay for the lenders title insurance policy. Cozy Charm. SEC SYS Security System The seller has an agreed-upon contract with the potential buyer. Read, A property repossessed by a bank when the owner fails to make mortgage payments. BR Bedroom If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. Bsmt Basement Each lending institution sets its own prime rate. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Are You Confused With These Real Estate Abbreviations? Dr -Dining Room CFan Ceiling Fan If thats your style, you're in luck. O/F Owner Finance By submitting your email, you agree to the Terms of Use and Privacy Policy. Learn more about HOAs here. REIA Real Estate Investors Association Press F to Pay Respects: What Does F Mean Online? LTV loan to value SPDED Special Warranty Deed LLC Limited Liability Company Not all mortgages carry a prepayment penalty. WDSTV Wood-Burning Stove Encumbrance, Defined And Explained | Rocket Mortgage Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. FEMA Federal Emergency Management Agency GNMA Ginnie Mae or Government National Mortgage Association MIC Mint Condition (like new or new) The owners bank must approve a lower listing price before the home can be sold. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. NAR National Association of Realtors Related:12 Ideas to Steal from Vintage Kitchens. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. UPF, UPR Upper floor FFBR First Floor Bedroom What Is a Short Sale? - Ramsey - Ramsey Solutions Fixtures are a frequent subject of buyer and seller disputes. Maximum loan amounts can vary by county. MYOB Mind Your Own Business FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation
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